Jim Rogers on aljazeera
The european bailout or stabilization fund as it is known, is a nail in the euros coffin in our humble opinion. However, Jim Rogers says that he was not surprised but stunned by this latest move by the eurocrats to prop up Greece and possibly other countries who have been living way beyond their means for far too long.
Jim describes this latest bailout as erosion from the inside for the euro. When we consider that Greece is only 2% of the eurozone economy, which we have mentioned in the past, you have to wonder why they are going to such lengths to keep the Greeks in Europe.
We agree with Jim that Greece should have been set free to start over.
Jim Rogers appeared on frost over the world, aljazeera May 14, 2010, to see this clip please click here.
Another notable term that comes up is that this is socialism for the rich as the people, ordinary citizens, are now required to foot the bill for failed banks. We wrote about this some time ago in an article entitled 'Pretend Socialists gift £50 bln to Pretend Capitalists! On April 22nd, 2008, when we said:
The Bank of England confirmed the introduction of a “special liquidity scheme” whereby Treasury Bills will be swapped for high quality AAA rated mortgage backed securities. The Labour party that once represented socialism in Britain, is now coming to the rescue of poorly managed private banking enterprises. This gift to these banking failures is disguised as a loan with the people of Britain picking up the tab for the banking sectors grave mis-management.
Heads should roll!
Nothing had changed, its just the numbers that are getting bigger and the harder it is going to be to dig ourselves out of it, we are looking down the barrel of decades of austerity if things don't change.
Silver and gold prices are going higher, stay with them.
Have a good one.
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